"Stephen Colbert is one of the most inventive and respected forces on television," said Leslie Moonves, the network's president and CEO. "David Letterman’s legacy and accomplishments are an incredible source of pride for all of us here, and today’s announcement speaks to our commitment of upholding what he established for CBS in late night."

The 49-year-old Emmy-winning Colbert said that just being a guest of Letterman's was "a highlight of my career."

"I never dreamed that I would follow in his footsteps, though everyone in late night follows Dave's lead," he said. "I'm thrilled and grateful that CBS chose me. Now, if you'll excuse me, I have to go grind a gap in my front teeth."